The State Bank of Vietnam (SBV) seeks to limit the use or cash for large transactions like the purchase of motorbikes, cars and property by preparing a draft decree on the issue.
Intended to replace the 2006 decree on cash payment, the new legislation will be submitted to the Government before this year, according to Director of the SBV’s Payment Department Bui Quang Tien.
The State Bank of Vietnam (SBV) seeks to limit the use or cash for largetransactions like the purchase of motorbikes, cars and property bypreparing a draft decree on the issue.
Intended to replace the2006 decree on cash payment, the new legislation will be submitted tothe Government before this year, according to Director of the SBV’sPayment Department Bui Quang Tien.
The decree aims to weaken the black market economy by making commercial transactions more transparent.
Restrictingcash payments is expected to help the country fight tax evasion, aswell as counterfeit money production and money laundering.
For the first time, individuals will not be allowed to pay for securities, houses, land and large vehicles with cash.
Organisations will not be allowed to use cash for transactionsrelating to real estate, securities, aircraft, ships and cars, or fortransactions exceeding the limit set by the central bank.
Thedraft decree is among several measures the SBV has proposed to speed upits project on non-cash payment, which aims to have 150,000 Point ofSales (POS) nationwide by 2015. Currently there are 94,000.
According to the SBV, by last September, the market had nearly 51million bank cards including debit cards, credit cards and prepaidcards.
But after nearly 20 years, millions of Vietnam ’s ATMcards are still used to withdraw money at ATMs instead of performingnon-cash transactions, said a representative of Vietnam CardsAssociation.
He attributed the lack of change to the fact thatmany supermarkets and shopping centres still preferred customers to payin cash rather than bank card.
The draft asks other ministriesand agencies including the Ministry of Finance, the Ministry ofIndustry and Trade, the Ministry of Construction, the Ministry ofNatural Resources and Environment and the Ministry of Public Security totake responsibility for popularising the use of bank cards and othernon-cash forms of payment.-VNA
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